11月13日，牧高笛涨5.37%，截至发稿，报27.10元/股，成交9474.26万元，换手率3.87%，总市值25.30 亿元。牧高笛股价已经连续10天上涨，区间累计涨幅0%。 截至发稿，孔宪政累计任职时间4年353天，现任基金资产总规模56.08亿元，任职期间最佳基金回报 91.19%， 任职期间最差基金回报-16.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，诺安基金旗下1只基金位居牧高笛十大流通股东。诺安多策略混合A（320016）三季度增持 14.97万股，持有股数55.16万股，占流通股的比例为0.59%。根据测算，今日浮盈赚取约76.12万元。连 续10天上涨期间浮盈赚取0元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益75.13%，同类 排名210/8145；近一年收益70.53%，同类排名181/8059；成立以来收益238%。 诺安多策略混合A（320016） ...

Core Insights - Mugaodi, established in October 2006 and listed on the Shanghai Stock Exchange in March 2017, is a leading domestic outdoor camping equipment company with strong brand influence and product R&D capabilities [1] Business Performance - In Q3 2025, Mugaodi reported revenue of 819 million yuan, ranking 7th among 11 companies in the industry, with the industry leader, Kairun, generating 3.719 billion yuan [2] - The main business composition includes tents and equipment at 1.167 billion yuan (89.46%), clothing and shoes at 94.27 million yuan (7.23%), and accessories at 4.179 million yuan (3.20%) [2] - The net profit for the same period was 36.646 million yuan, placing it 5th in the industry, with Kairun leading at 326 million yuan [2] Financial Ratios - As of Q3 2025, Mugaodi's debt-to-asset ratio was 52.09%, higher than the previous year's 48.87% and above the industry average of 46.89% [3] - The gross profit margin was 30.24%, an increase from 28.59% year-on-year, but still below the industry average of 32.77% [3] Executive Compensation - Chairman and General Manager Lu Tuanhua's compensation increased from 2.5517 million yuan in 2023 to 5.6193 million yuan in 2024, a rise of 3.0676 million yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.30% to 12,300, while the average number of circulating A-shares held per shareholder increased by 4.49% to 7,602.48 [5] - The top ten circulating shareholders include Noan Multi-Strategy Mixed A, which increased its holdings by 149,700 shares [5] Future Outlook - Guotai Junan Securities projects Mugaodi's EPS for 2025-2027 to be 1.20, 1.37, and 1.55 yuan, respectively, with a target price of 28.8 yuan based on a 24x PE ratio [5] - Huachuang Securities anticipates net profits of 93 million, 106 million, and 124 million yuan for the same period, with a target price of 27.1 yuan per share [5]

Core Viewpoint - The stock price of Muguo Di has shown a decline recently, with a year-to-date increase of 13.71% but a notable drop in the last 60 days by 9.43% [2] Financial Performance - For the first half of 2025, Muguo Di reported a revenue of 605 million yuan, representing a year-on-year decrease of 27.45%. The net profit attributable to shareholders was 47.21 million yuan, down 40.35% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 491 million yuan, with 220 million yuan distributed over the last three years [3] Stock Market Activity - As of October 29, Muguo Di's stock price was 24.39 yuan per share, with a market capitalization of 2.277 billion yuan. The trading volume was 7.5658 million yuan, with a turnover rate of 0.33% [1] - The net inflow of main funds was 186,100 yuan, with large orders accounting for 8.15% of purchases and 5.69% of sales [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 12,800, a decrease of 10.29% from the previous period. The average circulating shares per person increased by 11.47% to 7,275 shares [2] - New institutional shareholders include Huaxia Xingyang One-Year Holding Mixed Fund and Nuoan Multi-Strategy Mixed Fund, holding 404,100 shares and 401,800 shares respectively [3] Business Overview - Muguo Di, established in October 2006 and listed in March 2017, operates in the outdoor products sector, focusing on its own brand operations and OEM/ODM for camping tents. The revenue composition includes tents and equipment (89.46%), clothing and shoes (7.23%), and accessories (3.20%) [2] - The company is categorized under the textile and apparel industry, with concepts including outdoor camping, cross-border e-commerce, small-cap stocks, sports industry, and e-commerce [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations and market conditions [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 605 million yuan, a year-on-year decrease of 27.45% [1]. - The net profit attributable to shareholders was 47.21 million yuan, down 40.35% year-on-year [1]. - The basic earnings per share were 0.51 yuan [1]. - The gross profit margin for the first half of 2025 was 31.37%, an increase of 2.69 percentage points year-on-year [2]. - The net profit margin was 7.80%, a decrease of 1.69 percentage points compared to the same period last year [2]. Quarterly Analysis - In Q2 2025, the gross profit margin was 37.05%, up 7.61 percentage points year-on-year and 10.27 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 was 6.09%, down 3.85 percentage points year-on-year and 3.08 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the first half of 2025 were 131 million yuan, an increase of 2.46 million yuan year-on-year [2]. - The expense ratio was 21.71%, up 6.25 percentage points from the previous year [2]. - Sales expenses increased by 6.30%, while management expenses decreased by 11.27% [2]. - Research and development expenses rose by 9.08%, and financial expenses surged by 152.05% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 12,800, a decrease of 1,472 shareholders or 10.29% from the previous quarter [2]. - The average market value per shareholder increased from 171,800 yuan to 180,100 yuan, a growth of 4.86% [2]. Company Overview - The company, Muguo Di Outdoor Products Co., Ltd., is located in Ningbo, Zhejiang Province, and was established on October 31, 2006, with its listing date on March 7, 2017 [3]. - The main business includes proprietary brand operations and OEM/ODM for camping tents, with revenue composition: tents and equipment 89.46%, clothing and shoes 7.23%, accessories and others 3.20%, and other 0.11% [3]. - The company belongs to the textile and apparel industry, specifically in the clothing and home textile sector, and is involved in outdoor camping and e-commerce concepts [3].

Core Viewpoint - MobiGarden, an outdoor equipment brand, is expanding its physical presence in China with new store openings, aiming to reshape its brand image and product offerings in response to changing market dynamics and consumer preferences [1][6]. Group 1: Store Expansion and Brand Positioning - MobiGarden is set to open a new store in Nanchang, which is not a flagship store but operated by a distributor, while planning a second flagship store in Beijing [1][6]. - The flagship store in Shanghai features a simplified design and a broader range of products, including higher-priced items, compared to its online offerings [1][2]. - The new store layout emphasizes a combination of camping gear and apparel, aiming to enhance cross-selling opportunities and increase average transaction value [6][10]. Group 2: Sales Performance and Market Trends - MobiGarden experienced a significant sales increase during the pandemic, with a 61.34% rise in revenue to 867 million yuan in the first half of 2022, and a net profit growth of 111.8% [4]. - Post-pandemic, the camping segment has cooled, leading to a 12.56% decline in revenue from tents and equipment in 2024, while apparel and accessories saw mixed results [5][8]. - The brand's transition from camping gear to apparel is challenged by established competitors in both the budget and mid-high-end markets [8][10]. Group 3: Product Line Adjustments - In 2024, MobiGarden restructured its product lines into "sleep systems," "carrying systems," and "wear systems," focusing on high-performance apparel and backpacks [6]. - The introduction of the "Cold Mountain" series features advanced technologies aimed at enhancing the brand's professional image [6]. - MobiGarden's marketing strategy includes a focus on professional attributes to shift consumer perception from low-cost products to higher-end offerings [6][10].